Bulls Need to Base at 112 *RES.....>

DOLLAR-YEN TECHS: Bulls Need to Base at 112

*RES 3: 112.65 2.0% 10-dma envelope

*RES 2: 112.40 High Apr 24, 2019

*RES 1: 112.23 High Feb 20

*PRICE: 111.71 @ 09:54 GMT Feb 21

*SUP 1: 109.53 Low Feb 7 and key intraday support

*SUP 2: 109.30 Low Feb 5

*SUP 3: 108.55 Low Jan 4

Bulls still seem to have a touch of vertigo at these elevated levels, with gains

above 112.00 looking hard to maintain. Bulls need to cement a base at the handle

to add to the viability of further gains, but momentum studies are beginning to

suggest the pair is overbought. The RSI holds above 70 for the first time since

September 2018. Resistance sits firm at 112.40, but a close above would open

113.71 in the medium-term. To slow the incline from here, bears need to temper

markets back below 111 initially.